Shares in Watkin Jones (WJG) moved up 3 per cent after the student accommodation developer delivered an upbeat trading update for the year to September 2017. All the group’s 10 student schemes have been completed on time, totalling 3,314 beds, while the 10 schemes for the year to September 2018 covering 3,415 beds have already been forward sold. In addition, nearly three-quarters of all schemes for the following year have been forward sold. Looking further ahead, there are eight secured development sites for 2,959 beds targeted for delivery from 2019 to 2021.
There has also been solid progress by Watkin Jones in developing its presence in the build-to-rent sector. Three development sites have been secured, and the company is in negotiations on several other opportunities, from which it is hoping to develop around 1,500 units between 2018 and 2022 subject to securing planning consent.
As well as building forward-funded schemes, Watkin Jones also operates a student accommodation management service, whereby universities pay it to manage the student blocks after completion. Trading under the names of Fresh Student Living and Five Nine Living, it now manages 16,082 student beds across 53 schemes under management, up from 12,337 a year earlier.
